\multicolumn{13}{l}{\textbf{Panel B:  Firm level data}}\\\hline\\[2pt]&\multicolumn{3}{c}{Min. Wage (0-1)}&\multicolumn{3}{c}{Written Contract (0-1)}&\multicolumn{3}{c}{Social Security (0-1)}&\multicolumn{3}{c}{Formality Index (0-1)}\\\cmidrule(lr){2-4}\cmidrule(lr){5-7}\cmidrule(lr){8-10}\cmidrule(lr){11-13}\\[2pt]
&\multicolumn{1}{c}{6 M.}&\multicolumn{1}{c}{18 M.}&\multicolumn{1}{c}{Pooled}&\multicolumn{1}{c}{6 M.}&\multicolumn{1}{c}{18 M.}&\multicolumn{1}{c}{Pooled}&\multicolumn{1}{c}{6 M.}&\multicolumn{1}{c}{18 M.}&\multicolumn{1}{c}{Pooled}&\multicolumn{1}{c}{6 M.}&\multicolumn{1}{c}{18 M.}&\multicolumn{1}{c}{Pooled}\\[2pt]\hline\\
ITT         &        0.03         &        0.10\sym{**} &        0.06\sym{**} &        0.11\sym{***}&        0.09\sym{*}  &        0.10\sym{***}&        0.08\sym{**} &        0.02         &        0.05\sym{*}  &        0.08\sym{***}&        0.06\sym{**} &        0.07\sym{***}\\
            &      (0.03)         &      (0.04)         &      (0.03)         &      (0.04)         &      (0.05)         &      (0.03)         &      (0.03)         &      (0.04)         &      (0.03)         &      (0.03)         &      (0.03)         &      (0.02)         \\

Mean        &        0.78         &        0.67         &        0.73         &        0.49         &        0.48         &        0.48         &        0.41         &        0.48         &        0.44         &        0.55         &        0.54         &        0.54         \\
\(N\)       &         346         &         303         &         649         &         332         &         313         &         645         &         383         &         349         &         732         &         384         &         359         &         743         \\
\\
\begin{tabular}{l*{12}{c}}\hline\hline\\[2pt]\multicolumn{13}{l}{\textbf{Panel A: Employee data weighted to firm level }}\\[2pt]\hline\\[2pt]&\multicolumn{3}{c}{Min. Wage (0/1)}&\multicolumn{3}{c}{Written Contract (0/1)}&\multicolumn{3}{c}{Social Security (0/1)}&\multicolumn{3}{c}{Formality Index (0-1)}\\\cmidrule(lr){2-4}\cmidrule(lr){5-7}\cmidrule(lr){8-10}\cmidrule(lr){11-13}\\[2pt]
&\multicolumn{1}{c}{6 M.}&\multicolumn{1}{c}{18 M.}&\multicolumn{1}{c}{Pooled}&\multicolumn{1}{c}{6 M.}&\multicolumn{1}{c}{18 M.}&\multicolumn{1}{c}{Pooled}&\multicolumn{1}{c}{6 M.}&\multicolumn{1}{c}{18 M.}&\multicolumn{1}{c}{Pooled}&\multicolumn{1}{c}{6 M.}&\multicolumn{1}{c}{18 M.}&\multicolumn{1}{c}{Pooled}\\[2pt]\hline\\
ITT         &        0.07\sym{**} &        0.12\sym{***}&        0.09\sym{***}&        0.12\sym{***}&        0.08\sym{*}  &        0.10\sym{***}&        0.03         &        0.03         &        0.03         &        0.09\sym{***}&        0.07\sym{**} &        0.08\sym{***}\\
            &      (0.03)         &      (0.04)         &      (0.03)         &      (0.04)         &      (0.04)         &      (0.04)         &      (0.03)         &      (0.04)         &      (0.03)         &      (0.02)         &      (0.03)         &      (0.02)         \\

Mean        &        0.83         &        0.73         &        0.78         &        0.53         &        0.54         &        0.53         &        0.39         &        0.46         &        0.42         &        0.59         &        0.58         &        0.58         \\
\(N\)       &         964         &         827         &        1791         &         978         &         876         &        1854         &         927         &         807         &        1734         &         982         &         879         &        1861         \\
\\
